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Re: Marriott Going to Point Syst (by Erman C.):

Hello all, Here are some very specific written information on new Marriott's new DP program as reported in my MVCI newsletter for Monarch Sea Pines, HH. The same details were in my other two Marriott newsletters received in the last couple of weeks.

Erman

*********************************************** Three of the top areas of concern for Monarch owners have been villa availability, COA governance impacts, and COA fees/budget issues. Our MVCI management team provides these clarifications:

1. RESORT VILLA AVAILABILITY

The reservation rules and priorities that have been in place over past years have been maintained, so owners’ access to occupancy of their own resort villa will not change. To implement the Destinations™ program, MVCI has conveyed the weeks that MVCI itself owns to a newly-formed “Trust Owners Association,” which can be thought of as a multi-week owner. The Trust cannot reserve any accommodations beyond the number and type season, bedroom type, etc.) actually owned by the Trust. In addition, MVCI’s inventory management team allows the Trust to reserve inventory only within a particular season proportionate to the total percentage of weeks owned by the Trust during that season, so that Trust reservations are spread across the entire season, not just in highly-desired weeks.

2. GOVERNANCE

The structure of the existing Owners Association at Monarch (and at other MVCI managed resorts) will not change. The enrollment of weeks in the Trust will not have any adverse effect on Monarch’s operations. All owners maintain their voting rights. The Trust will have the same ownership rights as any other multi-week owner, including the obligation to pay maintenance fees.

3. FEES AND BUDGET

The cost of the MVCI Destination™ program will not affect Monarch’s maintenance fees. The annual maintenance fees for any Monarch units conveyed into the Trust will be paid for by the Trust. These fees will be paid on or before the due date, in cash, which may even decrease our overall credit card commission charges and bad debt expenses. Additionally, MVCI has put processes in place to ensure that any incremental costs associated with the new program (e.g. incremental housekeeping charges due to shorter stays by Points Owners) will be identified and reimbursed by the Trust or the Exchange Company.